Market
Nvidia Beats Russel 2000, Triggers AI Tokens Rally
Nvidia Corp traded $10 billion higher than all the stocks in the Russell 2000 on Tuesday, accounting for nearly 43% of the S&P 500 market cap gain year-to-date.
AI crypto coins have reacted to the positive news, causing the sector’s market capitalization to rise 4% to $39.9 billion.
Nvidia Outperforms Russell 2000 Stocks
According to a post on X by Eric Balchunas, an analyst from Bloomberg Intelligence, Nvidia Corp has outperformed the Russell 2000 Index by a staggering $10 billion. The Russell 2000 tracks the 2,000 smallest stocks out of the 3,000 stocks in the Russell 3000 Index, a benchmark US stock market index.
On Monday, Nvidia recorded up to $45.94 billion in volume. This beat the combined volumes of Tesla Inc., Apple Inc., Advanced Micro Devices, Microsoft Corp, and Berkshire Hathaway. These companies are the next most traded stocks in the market.
The AI chipmaker has recorded a series of positive performances of late. Its Q1 report in May revealed earnings per share of $6.12, beating expectations of $5.65. Revenues of $26.04 billion in its Q1 2024 earnings also surpassed analysts’ predictions of $24.69 billion by 5.4%. With this, the firm’s year-on-year earnings grew to about 262%.
“It’s evident that the increasing demand for advanced computational power is driving the market growth. Nvidia’s current market cap reflects its dominant position in the AI sector. However, this surge in demand also highlights the critical need for advancements in power infrastructure to sustainably support these large-scale AI operations. We are seeing significant bets in the AI sector, focusing not only on chip development but also on creating more efficient energy solutions to maintain the growth and scalability of AI technologies,” Daniel van der Woude, Product Lead at Nuklai, told BeInCrypto.
Read more: AI Stocks: Best Artificial Intelligence Companies To Know in 2024
Now, standing at the forefront of technology firms pushing to build AI into their products and services, Nvidia has committed to spearhead the next industrial revolution.
“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence”, NVIDIA founder and CEO Jensen Huang said in a June 2 report.
As part of this commitment, Nvidia also announced a 10:1 stock split slated for June 10. This would allow employees and retail investors more affordable entry into Nvidia stock with easy purchase.
AI Tokens on the Rise
As Nvidia outperforms the Russell 2000 and anticipates a 10-to-1 stock split, AI tokens demonstrate notable strength. This market sector often benefits from positive news about the chip giant. The increasing global demand for AI technologies boosts sales of Nvidia’s chips by wide margins. Although AI crypto coins cannot benefit directly from these earnings, Nvidia’s report boosts investors’ confidence in their viability.
CoinMarketCap data shows a 4% surge in the market capitalization of AI crypto coins to reach $39.9 billion. The biggest gainers among the top 10 include Injective (INJ) and Bittensor (TAO), up 6%.
Read More: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
The Near Protocol (NEAR) and Theta Network (THETA) are up 4%. The ASI token, comprising SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN), is up around 3%. Furthermore, the strength of the Bitcoin price, which hints at a strong bullish sentiment in the market, adds a layer of urgency.
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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
Bitcoin price is gaining pace above $74,000. BTC is trading in a bullish zone and might rise further above the $76,500 resistance zone.
- Bitcoin started a fresh surge above the $73,500 zone.
- The price is trading above $73,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $76,000 resistance zone.
Bitcoin Price Extends Rally
Bitcoin price started a fresh surge above the $73,500 level. BTC even cleared the $75,000 resistance and traded to a new all-time high. It posted a high at $76,457 and is currently consolidating gains.
There was a minor decline below the $76,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. However, the price is still in a positive zone above the $73,500 level.
Bitcoin price is now trading above $74,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $75,800 level. The first key resistance is near the $76,000 level. A clear move above the $76,000 resistance might send the price higher. The next key resistance could be $76,500.
A close above the $76,500 resistance might initiate more gains. In the stated case, the price could rise and test the $78,000 resistance level. Any more gains might send the price toward the $78,800 resistance level.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $76,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $75,250 level and the trend line.
The first major support is near the $74,150 level or the 61.8% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. The next support is now near the $73,500 zone. Any more losses might send the price toward the $72,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $75,250, followed by $74,150.
Major Resistance Levels – $76,000, and $76,500.
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